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NEM is extremely bearish in the short-term with price breaking below a broadening wedge pattern
The medium-term is bleak for XEM / USD, but the besieged crypto is starting to become extremely oversold
Technical analysis shows the 0.4380 level is now an upcoming critical support
XEM / USD Short-term price analysis
In the short-term, NEM is likely to remain under heavy selling pressure. Looking at the four-hour time frame, the XEM / USD pair is starting to trade outside a broadening wedge pattern, which is a bearish sign.
Generally, when we see this type of broadening patterns, price will rise from the lower trendline and actually bounce towards the upper trendline. However, if price fails to rally towards the upper trendline a breakout lower usually occurs, which is exactly what we are seeing now.
Overall, we feel that the XEM / USD pair is one of the most bearish cryptocurrency pairs in the short-term and traders will most probably sell technical breaks lower.
XEM / USD H4 Chart (Source: TradingView)
MACD
The MACD indicator on the four-hour time frame has turned bearish in line with the recent move lower in the XEM / USD pair. A bearish crossover is underway, which indicates further losses ahead seem likely.
Relative Strength Index
The RSI indicator has moved into extreme oversold conditions, although at present no apparent turnaround in the indicator appears likely.
XEM / USD Medium-term price analysis
NEM is one of the more bearish cryptocurrencies in the medium-term, with the XEM / USD pair coming under renewed selling pressure and falling to fresh multi-year trading lows.
Interestingly, on the daily time frame a wedge pattern can be seen, with trendline support coming in around the 0.4380 level. A definitive break under the support line would likely trigger further heavy technical selling, while if support holds, it could be a good area to watch for a possible reversal to occur.
Across the daily, weekly and monthly timeframes a large head and shoulders pattern can be seen, as the XEM / USD pair retraces back to its all-time price low.
XEM/USD Daily Chart (Source: TradingView)
Pattern Watch
Traders are likely to pay close attention to the wedge pattern over the coming sessions. The pair’s 50-day moving average is currently converging with the wedge’s upper trendline, which may become key resistance if the XEM / USD pair does manage to somehow bounce from the lower trendline.
MACD + RSI
The MACD indicator is just starting to trend lower on the daily time frame, although not heavily so, while the MACD line has yet to see a confirmed crossover lower. The RSI indicator is extremely oversold, with no sign of a turnaround or price divergence.
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NEM Chart
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